Various techniques have been used to create and manage advertising in connection with viewable media streams. For example, in the television context, many advertisements utilize “Image” or “Brand” advertising where the main idea is to make the viewer feel good about the associated product or service. Image commercials usually expensive to make and can take a long time to work. On the other hand, “Immediate Response” advertising attempts to get the viewer to take some buying action right now, such as call the advertiser. In some cases the advertisement content is selected based on the general content of the media stream. For example during the broadcast of a major sports event some advertising content may be directed to sports equipment, memorabilia or the like. Similar techniques can be used to generally associate advertising content with media stream content on a general level using other distribution methods such as on-line distribution, video on demand, pay-per view, DVR applications and the like. It would be desirable to provide improved systems and methods that facilitate the creation, management and distribution of advertising inventory relating to viewable audio/visual or media streams.